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, waste of government money. well, there is a reason that jon mccain and barack obama both voted for the bailout. it is not because of wall street. it is because the main street in the biggest car dealership in the country that stopped financing cars is about to get to the point where you could go to sears and buy any kind of appliance on credit. the financial system had to be saved. we don't want to go there again. so most people did know this. they said we hate these bailouts. the democrats passed a financial reform bill, which gave the government power over some transactions it did not have to stop excessive leverage, that is to stop companies from making too many investments they didn't have the cash to cover. traditional banks would own $10 for every dollar in cash. when bear stearns failed in his 30 to one. lehman brothers about four to one. that's what's really in a financial reform bill. and by the way, if somehow they get around this and fail again, nomar bailouts. here's an orderly procedure for bankruptcy in the management and shareholders have to beat the loss. in oth
? >> i don't know how to answer that, jon. i was laughing over at you. i was looking at amy friend who joined us and amy and i had lots of conversations that were about that very topic. and amy was right more than i was about the answers to that question. but they were usually pretty pessimistic answers. so what do you do? i mean, it's like any other constraint. i mean, we live in the world we live in. and not in a different world. and the political system is no different than that. and it's much better to design good policy that works for the world you live in than to design policy that works for a world you don't live in. so i think not just being pig headed is the answer i would give. >> well, there is a moment in history when it's a little hard to be optimistic about policy. everything is so polarized. my colleagues at brookings that congress is more polarized. that is to say the most liberal republican is more conservative than the most conservative democrat so working out agreements in that environment is pretty difficult. to take a slightly more positive turn, i think we do pass
fired from non-policy on jon boehner. they are shorthand for the incredibly narrow range of choice that we actually have in political -- and elected officials. >> to house financial services subcommittee funny joint hearing on mortgage service in a foreclosure mitigation is. they also discussed the role of federal regulators in the ongoing mortgage service the negotiations. among those test thing at the hearing was david stevens, president of the mortgage and the immediate former commissioner of the federal housing administration. this is about three hours in 35 minutes. >> this hearing will come to order. and that you think my ranking member, mrs. moloney as well as oversight investigations chairman, if new cabal or who will be here in a few minutes and is ranking member, mr. pappalardo for organizing this joint hearing. many members have a great interest in having a hearing on the topic of march at servicing. it's light of today's hearing will provide a forum for members to cover multitude of subjects involving servicing. we were all shot at the news was followed allegations that
.gton journal" host: we are back live jon hilsenrath of "the wall street journal." taking a look at this week's economic rebound, that is what the- taking a look at weak economic rebound. here is the headline from "the wall street journal" this morning, "companies bracing for the fall." guest: american companies are operating in a very >> they have already been disappointed by what happened in the first half of the year. i've been talking to companies in the last few days. i'm winnebago industries, a rv company, that was expected to have good spending in the first half. this didn't happen. they are back to deciding whether or not to cut back on that. what they don't want right now is uncertainty. that's what we are getting. >> host: you see the ups chief in todays "financial times" the small and mid sized companies that would be using his are pulling back. they are not sure. >> guest: right. this is largely, i think, because of the uncertainty they face. default, downgrade, you never now how investors are going to react. ironically what we have seen, investors have been calm. but the worry i
in all kinds of forms. he has paired with jon stewart on "the daily show." he has been on charlie rose and has is done inoperable talk shows and is incredibly adept at not answering questions that i want him to answer. [laughter] so i'm going to try. i'm going to try. >> i was waiting for a complement. [laughter] >> that was a compliment. that was a complement. in the beginning of your remarks he talked about public diplomacy and what a challenge it was for both our countries. you were quoted recently as talking about remarks he made at pakistan's national defense university where you asked your audience who pakistan's enemy was. u.s. them how many of them thought that al qaeda was the enemy and not too many raised their hands. u.s. them whether india was the enemy and not too many raised their hands in the new estimate the united states with the enemy and there is where you got most of the hands raised. i think that is something that people in this country just find inexplicable, just can't understand. they say my gosh we have given pakistan $20 billion over the past eight or nine yea
Search Results 0 to 4 of about 5